Naira Will Regain Its True Value By December 2023 – Oyedele
Wednesday November 1, 2023
The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, said the government sees a “fair price” for the Dollar to Naira at “N650 to N750”.
He assured Nigerians that the ongoing plan by the Federal Government to introduce new foreign exchange rules will make Naira to regain true value before December 2023.
He also said the plan which would include a crackdown on illicit currency trading, would result in naira closing its gap with the unofficial rate and reaching a “fair price” before the end of 2023.
Oyedele, speaking in an interview with Bloomberg on Monday, added that the government would set transparent rules for the operations of the official market after clearing a backlog of dollar demand estimated at about $6.7bn.
“the federal government plans to introduce new foreign exchange rules, including a crackdown on illicit currency trading.
“We think all of that will happen before December, and maybe in a matter of a couple of weeks we will begin to see the results, such that before the end of the calender year, naira should find its true value, not the one that is being done currently in the parallel market,” Oyedele said.